Taiwan Semiconductor Manufacturing Company (TSMC) announced on Tuesday that it’s building a second semiconductor factory in Arizona and raising its investment there to $40 billion.

Previously, the chipmaker said that it was building a $12 billion facility in Arizona that will eventually manufacture 3-nanometer chips, TSMC’s most advanced technology. 

"When completed with both fabs, we will manufacture over 600,000 wafers a year, representing $10 billion in yearly revenue and with our customers product sales over $40 billion a year," said TSMC Chief Executive Mark Liu.

The projects will result in 31,000 construction jobs and "create an additional 13,000 high pay high tech jobs including the 4,500 direct TSMC employees," Liu added.

TSMC accounts for an estimated 90% of the world’s super-advanced computer chips, supplying tech giants including Apple, Qualcomm, Nvidia and Advanced Micro Devices.

The US government is actively encouraging the development of the semiconductor industry. Early in August, President Biden signed the CHIPS and Science Act into law, allocating billions to lure manufacturers to produce chips domestically. The law includes $52.7 billion in loans, grants and other incentives as well as billions more in tax credits to encourage investment in US semiconductor manufacturing.

Samsung reportedly plans to build as many as 11 chip factories in the US in the next ten years, and its first foundry in the country with an investment of $17 billion has already started construction in Texas.